Northampton Town Chairman David Cardoza has confirmed he has signed a Heads of Terms agreement with a party interested in buying his controlling share in the club.
The contracts are with the lawyers of the respective parties and are now being worked through.
"I would like to apologise that we haven't been able to say as much as we or the supporters would have liked recently," he said.
"But clearly a lot has been going on and that has made it very difficult to update supporters.
"We felt the time was right to let supporters know where we are and we will provide more details as soon as we can.
"This would be a very positive move for the club. I hope supporters recognise that while they might always agree with my decisions, I have always acted in the best interests of the club and I am doing the same again here.
“The deal includes 100% of the company that owns the lease on the land to be redeveloped and is a major investment in Sixfields and Northampton as a whole and benefits the wider community, not just the football club.
"Until things have been concluded it is very much business as usual. Buckinghams are aware of the situation and are in conversations with all parties."